DIGITAL STARTUP SOCIETY BLOG — Going Legit in Your Online Business

As you are setting up your business, there are many things to consider. One thing that is an important consideration is an exit strategy. Do you want to pass on your business to your kids? Do you want them to work with you in the business? Do you want to sell it when you’re ready to retire? Maybe you can envision building the business up and then selling it as an amazing windfall?  You can always change your mind later depending on the situation but giving thought to your business legacy and a possible exit strategy is part of good...

  One thing to remember when it comes to legal issues and financial issues in business is that every state and even city and county have different rules and laws that you will have to follow. This is the main reason you need to hire someone local to you. They are aware of the federal issues, but they are immersed in the local issues and will know more. When you decide to hire any professional to help you, you should ask plenty of questions during your first meeting. What Business Entity Should I Choose? – They should ask you about...

When you do business online, you likely hear a lot about partnerships. Lots of people run their businesses online with a partner. It’s a great way to double your resources and do more with less. There are a few different types of partnerships that you can enter. It’s essential that whatever you choose, you do need a well-written contract to ensure that you are all protected.  Joint Venture Partnership – This is a short-term partnership of two business owners who want to do something together. You see this sometimes with major corporations who are joining forces to get a message...

As you are setting up your finances for your business, you are probably also thinking about your personal finances. As a business owner, you’ll be responsible for your own retirement planning, as you won’t be able to contribute to an employer’s plan. It might seem like extra work, but the truth is, not planning for retirement means that you for sure will have a terrible retirement - or you won’t ever be able to retire. A lot of people who own online businesses claim that they will never retire; don’t be one of those people. Even if you don’t want...

When you first start to legitimize your business, it may be tempting to try to do some of the steps yourself. It’s understandable that you may want to save the money; however, it is highly recommended to just go ahead and hire the professionals. The second most likely reason for a business to fail is poor management. Part of managing your business properly is to engage the help of professionals who understand the right way to do things.  You Can’t Know Everything – It’s just a fact that there is no amount of research you can do to make up...